Teaching in the ambulatory setting is limited by the lack of time for in‐depth discussion of common ambulatory problems. This study was designed to compare the effectiveness of a problem‐based versus didactic approach to teaching common ambulatory problems during a senior ambulatory clerkship. Three outcome measures were examined: (a) student knowledge, measured objectively and by self‐report; (b) student satisfaction; and (c) student self‐directed learning. No significant differences by method were obtained for either student knowledge or student satisfaction. Students in the problem‐based approach demonstrated greater self‐direction in learning as measured by resource utilization and number of hours studied. Conclusions related to learning outcomes, utilization of faculty time, and implications for future student learning are discussed.